Hinge healthAccording to sources, the San Francisco-based company offers a digital solution to treat chronic musculoskeletal (MSK) conditions – such as back and joint pain.
The round is spearheaded by Coatue and Tiger Global and Hing, founded in 2015, has told those familiar with the $ 3 billion post-money investment. This comes on the back of a 300% increase in revenue in 2020, with investors expecting revenue to nearly triple again in 2021 based on the company’s booked pipeline.
I also understand that Hing’s founders – Daniel Perez and Gabriel Mecklenburg – maintain the board’s voting control. I have reached out to CEO Perez for comment and will update this post whether I should listen back.
Existing investors of Heinz include Bessemer Venture Partners, Who came back The company’s $ 90 million Series C In February it did the rounds with Lead Edge Capital, Insight Partners (which led to Series B), Atomico (which led to Series A), 11.2 Capital, Quadril Capital and Heuristic Capital.
Originally based in London, Hinge health Sells primarily to US employers and health plans, billing as a digital healthcare solution for chronic MSK conditions. The platform provides wearable sensors, an app and health coaching remotely to physical therapy and behavioral health.
The basic premise is that there is plenty of existing research on the best treatment for chronic MSK disorders, but the current health care system is not ready to function due to funding pressures and other systemic reasons. The result is a greater tendency to use opioid-based painkillers or surgery, with poor results and often at a higher cost. With a focus on improving adherence to treatment, Hinge seeks to reverse this through the use of technology and improved data.
Meanwhile, the jump of the hinge is important in the evaluation. According to sources, the company had a valuation of about $ 420 million in the February round, so the new valuation is more than a 6-fold increase.